Reply
New Member
happygolucky919
Posts: 7
Registered: ‎06-26-2011
0

Getting two new cards within a week?

[ Edited ]

I've always been the person to trash all my unopened credit card mail offers thinking it was pointless to have more than one. Last week I checked my credit score at creditkarma and saw I had 748, which surprised me. I'm a college student with a 4 year BofA checking and credit account, using the default Platinum Plus Visa they gave me.

 

Well this week I finally decided to open some of these CC mail offers and started doing some research. I just got accepted for a pre-approved AMEX Blue Cash Everyday and am now interested in opening a pre-approved Chase Sapphire card as well. The Sapphire is offering a 50k Bonus Points signup after I spend $500/3x month, even though this card is mainly geared for travelers I thought this was a steal for an easy $500 cash back!

 

I plan on making the AMEX and Chase my main after I empty the balance on my Plat+ and down the road I'll try to get a Discover More card. How badly will opening 2 new CCs within a week hurt my score?

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Getting two new cards within a week?


happygolucky919 wrote:
I've always been the person to trash all my unopened credit card mail offers thinking it was pointless to have more than one. Last week I checked my credit score at creditkarma and saw I had 748, which surprised me. I'm a college student with a 4 year BofA checking and credit account, using the default Platinum Plus Visa they gave me. Well this week I finally decided to open some of these CC mail offers and started doing some research. I just got accepted for a pre-approved AMEX Blue Cash Everyday and am now interested in opening a pre-approved Chase Sapphire card as well. The Sapphire is offering a 50k Bonus Points signup after I spend $500/3x month, even though this card is mainly geared for travelers I thought this was a steal for an easy $500 cash back! I plan on making the AMEX and Chase my main after I empty the balance on my Plat+ and down the road I'll try to get a Discover More card. How badly will opening 2 new CCs within a week hurt my score?

We need to know your average age of accounts before answering that question. 

New Member
happygolucky919
Posts: 7
Registered: ‎06-26-2011
0

Re: Getting two new cards within a week?

creditkarma shows 4yrs 7months.

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Getting two new cards within a week?


happygolucky919 wrote:

creditkarma shows 4yrs 7months.



CreditKarma AAoAs figures are not totally accurate.  But given that it shows 4ys and 7 months, your credit can handle getting approved for two cards at once.  Good luck! 

Moderator
MarineVietVet
Posts: 14,914
Registered: ‎07-14-2009
0

Re: Getting two new cards within a week?


happygolucky919 wrote:

creditkarma shows 4yrs 7months.



Hello and welcome to the Forums.

 

Unfortunately the AAoA you get from CK only calculates open accounts whereas FICO looks at AAoA this way:

 

Your AAoA is the sum of the ages of every account (except CA collections and public records) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".



New Member
happygolucky919
Posts: 7
Registered: ‎06-26-2011
0

Re: Getting two new cards within a week?

Thanks DI, much obliged!

 


MarineVietvet wrote:

happygolucky919 wrote:

creditkarma shows 4yrs 7months.



Hello and welcome to the Forums.

 

Unfortunately the AAoA you get from CK only calculates open accounts whereas FICO looks at AAoA this way:

 

Your AAoA is the sum of the ages of every account (except CA collections and public records) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".




Does my BofA checking account factor in as well? Also remembered I signed up for a Banana Republic card years ago and only used it once.

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Getting two new cards within a week?

Read the information from the link I posted below.  It will help you learn more about what's factored in your credit score.

 

 

http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

Moderator
MarineVietVet
Posts: 14,914
Registered: ‎07-14-2009
0

Re: Getting two new cards within a week?


happygolucky919 wrote:

 


 


Does my BofA checking account factor in as well? Also remembered I signed up for a Banana Republic card years ago and only used it once.


Checking accounts are not included. It doesn't matter when and if you used a card. Whatever is currently reporting is counted.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}